TraderEye Market View: The price of oil on the total breakout of the W pattern

Monday, May 20, 2024

The price of oil on the total breakout of the W pattern - Follow up

This is what the harmonic shark movement looks like in a W type technical pattern breakout

The price of oil has already started a northward journey with a possible target of $86

Assuming that the W-type double bottom pattern will break upwards, it is possible that we will reach a price of about 86 dollars per barrel already in 2024

Attached is a 4-hour graph of the price of crude oil

After the harmonic shark bite, continue according to the W type technical pattern:

A closer look at the shark-type harmonic pattern in a W-type technical pattern breakout:

No comments:

Post a Comment

Full Disclosure

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by tradereye or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Tradereye is not a fiduciary by virtue of any person’s use of or access to the Site or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on the Site before making any decisions based on such information or other Content. In exchange for using the Site, you agree not to hold Tradereye its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through the Site. INVESTMENT RISKS There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, and money market funds involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods. A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.